Gold prices drop

By Dat Nguyen   November 26, 2023 | 08:17 pm PT
Gold prices drop
A person holds gold jewelry at a shop in Ho Chi Minh City. Photo by VnExpress/Quynh Tran
SJC gold price fell 0.14% to VND72.2 million ($2,978.55) per tael Monday morning.

Gold ring price rose 0.33% toVND61.6 million per tael. A tael equals 37.5 grams or 1.2 ounces.

Globally, gold rose over the key $2,000 level on Friday, logging its second consecutive weekly gain, see-sawing against a weaker U.S. dollar on bets that the U.S. Federal Reserve is done with its interest rate-hiking cycle, Reuters reported.

Spot gold was up 0.5% at $2,001.97 per ounce and has risen over 1% so far this week. U.S. gold futures settled 0.5% higher at $2,003.00.

The dollar index has been deteriorating due to the weaker data coming out this week which should shift the Fed to a more dovish pivot and then that could be a tailwind for gold in 2024, said Phillip Streible, chief market strategist at Blue Line Futures, in Chicago.

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